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POST DOE WRAP: Crude and products rise on crude stock draw

HOUSTON, June 13, 2018 (PCW) -- NYMEX crude and products rose early Wednesday after government figures showed a fall in crude inventories.

As of 10:04 am CDT, July NYMEX WTI climbed $0.19/bbl to $66.55/bbl; July gasoline shot up 3.26 cpg to 212.25 cpg; and July diesel increased 1.47 cpg to 217.65 cpg.

Total domestic product demand remained very good, 1.7% higher than last year. Product exports fell however, but are still bullish.

Inventories of gasoline dropped on the week and diesel stocks are markedly lower than last year.

Crude inventories fall 4.1 million barrels

The US Energy Information Administration statistics for the week ending June 8 showed a 4.1 million barrel decrease in commercial crude inventories to 432.4 million barrels (“in the lower half of the average range,” per the EIA).

Domestic crude oil production was put at 10.9 million b/d, up 100,000 for the week, and up 1.57 million versus the same period last year.

Imports of crude were down 247,000 b/d to 8.1 million on the week. Over the past four weeks, crude imports averaged 8.1 million b/d, off 1.3% compared to last year at this time.

Total gasoline imports were put at 824,000 b/d, up from 777,000 last week; for the same period last year the figure was 574,000. Distillate imports were 104,000 b/d, down from 146,000 on the week; the figure for last year was 61,000 b/d. Typically the US imports the greatest volume of products to the US East Coast and exports from the US Gulf Coast (with some exports from the US West Coast, and at times, the East Coast).

Total product demand rises 1.7%

Total product demand over the past four weeks was put at 20.4 million b/d, up 1.7% versus the same period last year.

Total gasoline inventories (including blendstocks) were down 2.3 million barrels to 236.8 million (“in the upper half of the average range”), but 5.7 million below last year. Gasoline demand was 9.6 million b/d over the past four weeks, up 0.3% from the same period last year.

Distillate stocks totaled 114.7 million barrels (in the lower half of the average range”), down by 2.1 million barrels compared with last week, and 36.7 million below last year. Distillate demand over the past four weeks was 4.0 million b/d, down 0.5% compared with the same period last year.

Propane stocks are up 3.7 million barrels

Propane/propylene inventories on the week were 50.8 million barrels (“in the lower half of the average range”), higher by 3.7 million on the week and lower by 1.9 million versus last year.

Total US refinery crude inputs on the week averaged 17.5 million b/d, up 136,000, to 95.7% of capacity. In PADD 3 (the Gulf Coast) runs were up 0.2 percentage points to 94.8%.

Net exports of all products were 2.069 million b/d, a moderately bullish number, however off 1.387 million for the week. The US typically needs to export products to keep inventories manageable.

While domestic gasoline demand was put at 9.6 million b/d, total gasoline production came in at 10.451 million. Distillate demand was 4 million b/d, production at 5.111 million.

Crude exports rise 316,000 barrels

Exports of crude oil were 2.030 million b/d, up 316,000 from last week; one year ago the figure was 722,000. -- Robert Sharp

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